The United States Testing, Inspection, and Certification (TIC) market size was valued at USD 85.58 million in 2022 and is projected to reach USD 121.6 million by 2031, registering a CAGR of 4.0% during the forecast period (2023-2031).
The U.S. Testing, Inspection, and Certification (TIC) market offers product testing, quality control, and certification services. The market is fueled by tightening consumer safety and environmental protection regulations and standards and a rising emphasis on quality control and risk management across various industries. Bureau Veritas, SGS SA, TÜV SÜD, and Intertek are a few of the leading players in the U.S. TIC market. The market is segmented into several categories, including the automotive, food and beverage, aerospace, and healthcare industries. Due to the rising demand for TIC services and the requirement to adhere to rules and standards, the market is predicted to continue expanding.
The American government and business organizations have enforced various laws, rules, and standards about product safety, environmental protection, and quality control. These laws include the Toxic Substances Control Act, the Clean Air Act, and the Consumer Product Safety Improvement Act, among others. Companies are required by these laws to guarantee the security and caliber of their goods and to prove compliance through testing and certification. Due to this, there is now more demand for TIC services to assist businesses in complying with regulatory requirements and avoiding exorbitant penalties or legal action.
Numerous sectors, including healthcare, aerospace, and automobiles, emphasize enhancing quality control procedures and controlling risks related to their goods or services. The need to avoid expensive recalls or legal actions, as well as increased customer expectations and competition, are some driving forces behind this. TIC services are essential in assisting businesses in identifying possible risks, enhancing quality control procedures, and guaranteeing adherence to industry standards and regulations. As a result, TIC services are now more in demand across numerous sectors.
The cost of TIC services can be high, particularly for small and medium-sized businesses (SMEs) that might need more money to pay them. The high cost may constrain the market potential for TIC services, making it difficult for SMEs to obtain them. Additionally, the price of TIC services may make it difficult for new businesses to break into the market. This may result in market concentration, where more prominent companies rule and suppress competitors. To solve this problem, some TIC service providers have begun to provide affordable solutions like bundled packages or online services to help SMEs save money on TIC services.
TIC is one of many sectors being transformed by adopting cutting-edge technologies like artificial intelligence (AI), the Internet of Things (IoT), and blockchain. These technologies can lower expenses, increase customer satisfaction, and improve the accuracy and efficiency of TIC services. Adopting these technologies can give TIC service companies a competitive edge and increase their market share.
The United States Testing, Inspection, and Certification (TIC) market is segmented based on service sourcing type and application.
The service sourcing type is further segmented into Testing, Inspection, and Certification for a better understanding.
The testing segment dominated the U.S. market and is expected to register a CAGR of 3.8% over the forecast period.
The segment can be bifurcated by application into Consumer Goods and Retail Agriculture and Food Chemicals, Infrastructure Energy and Power Education, Government Manufacturing, Healthcare, Mining Oil and Gas, and Petroleum Public Sector Automotive Aerospace and Defense Supply Chain and Logistics.
The infrastructure segment dominated the market and is expected to grow at a CAGR of 4.4% during the forecast period.
Based on sourcing type, the market is sub-segmented into In-house, Outsourced.
The in-house segment is expected to dominate the market, registering the highest CAGR of 3.4% over the forecast period.
Geographically speaking, the United States Testing, Inspection, and Certification (TIC) market can be divided into several areas, with regional demand for TIC services varying. While the Southeast has a sizable manufacturing base, the Northeast area has a diverse economy and a strong presence in sectors like healthcare and pharmaceuticals. Industries like manufacturing, healthcare, and agribusiness are all well-represented in the Midwest. The West region has a diverse economy with a significant presence in industries like technology and aerospace, while the Southwest area has a sizable energy sector. Various variables, including industry concentration, the regulatory landscape, and economic activity, influence each region's desire for TIC services.
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